Have you heard of ‘Islamabad’s first Vertical housing Scheme’? | By Harris tariq

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Have you heard of ‘Islamabad’s first Vertical housing Scheme’?

As a Real estate analyst or a student you can say, I usually walk around, exploring & observing what is happening in the vicinity of Islamabad with respect to development by the housing societies or high-rise developers.

I hardly find projects that are legally & completely equipped by the CDA and other supporting state authorities.

Most of the real estate companies put their cases in process or just apply at the start, in order to use this as a marketing balloon for the public, so that they can convince them to start investing.

However, as per CDA law, no one is allowed to start construction, marketing for the general public, and sale/purchase, until they possess the final legal Layout plan approval or NOC by the competent state authority, which is CDA.

Recently, I came across a Real estate Project, which literally gave me hope that there still are people who are willing to deliver as per the law and are prioritizing public interest.

‘Capital Icon (Mall & Residency)’, Islamabad’s First CDA Approved Vertical housing scheme, has recently become the talk of the town. The presentation of the project compelled me to know more about it, which I did and to my surprise, I found it as per my expectations.

Before sharing more details about the project, I would like to aware my audience that CDA has already issued new By-laws titled ‘ICT Building Control Regulations 2020’, which are specifically for Vertical housing projects in Zone-2, 4, and 5. The developers and builders of Vertical high rises now have to follow them in the true spirit of the law to obtain LOP approvals and NOC by CDA.

On behalf of my neutral research, it was found that Capital Icon, a Vertical housing project by Curvestone Builders Pvt.ltd is the first who have already adhered to these By-laws and obtained its final Layout plan approval & NOC from CDA.

The Vertical housing project has also attained mandatory approvals from other supporting state bodies like the civil aviation authority, Environmental protection agency, Survey of Pakistan, and ICT Registrar.

Similarly, the land ownership of ‘Capital Icon’ is also in the name of the sponsor company ‘Curvestone Builders Pvt. Ltd’, which is as per CDA regulations. As it is a Vertical housing project, therefore it is mandatory for a developer to do construction on 40 percent area and 60 percent should be left open for public amenities like parks, mosques, community centers, jogging tracks, and service roads.

Another thing that got my serious attention is that the said Vertical housing project, is also offering separate land for a graveyard within a 10 km radius, and it has been transferred in the name of CDA as per new By-laws.

Another very important legal aspect is the delivery timeline of Capital Icon, which surprisingly has been set by CDA itself.

To further assure this in terms of legal security, the project has already handed over/transferred the land share to CDA as a guarantee, to complete the project on time.

This is no doubt a good start by Curvestone Builders Pvt. Ltd in Islamabad real estate Market by accomplishing all the legal parameters for the Capital Icon (A Vertical housing project) and offering a safe and secure investment with all the guarantees and securities in hand.

As my key area in Real estate is always a legal aspect, which I believe is the best strategy to make the investment risk-free.

Therefore, I also urge the public to always remain aware when it comes to final legal documents by the CDA, before taking any real estate decisions.

I also hope & wish to see more developers and housing societies start adhering themselves to the complete legal bindings of the state authority, so that healthy, reliable, and sustainable real estate growth can be achieved.

 

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